Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Bitcoin’s (BTC) price soared to an all-time high against the Argentinian Peso after a pro-BTC candidate, Javier Milei, won the country’s primary presidential race.
Pro-Bitcoin candidate emerges
Earlier today, Milei, a staunch critic of central banks, recorded an unexpected primary win in the presidential elections.
The election results show that Milei polled 30.1% of the votes, ahead of the other candidates from Together for Change and the ruling Peronist bloc, who got 28.3% and 27.2% of the votes, respectively.
Milei’s unexpected triumph is seen as a rejection of Argentina’s entrenched political establishment. The pro-BTC candidate became anti-establishment after proposing the dollarization of the economy and called for the abolishment of the central bank due to the country’s economic woes.
Poverty levels in Argentina are at a record high, and its inflation rate is the world’s third-highest, according to The Economist.
Meanwhile, with no presidential aspirants reaching the constitutionally required 45% threshold, the nation is poised for a general election in October. Subsequently, a conclusive runoff will be held in November if a definitive winner remains undetermined.
BTC soar to ATH against ARS
Data from the blockchain analytical firm Kaiko showed that BTC’s value soared to an all-time high of more than 8.4 million Argentina pesos following Milei’s shock victory. The digital asset has risen by around 240% on the year-to-date metric against the South American country’s national currency.
Source: Kaiko
Meanwhile, the increase is not in isolation as Bitcoin’s value has surged by more than 140% against the Turkish Lira and Russian Ruble, respectively. Kaiko described the countries as the “three weakest emerging markets.”
A GWI research revealed that citizens in struggling economies like Turkey and Argentina turn to crypto to hedge against their country’s rising inflation.
The post Pro-BTC candidate triumph sees Bitcoin reach historic high against Argentinian peso appeared first on CryptoSlate.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.